Thompson Thrift to Develop Luxury 324-Unit Multifamily Community Near Jacksonville

Site is part of the redevelopment of the former St. Augustine Outlets property

JACKSONVILLE, Fla., July 8, 2024 /PRNewswire/ -- Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the development of Terrassa, a 324-unit Class A multifamily community located in the growing market of St. Augustine in St. Johns County. The company expects to begin construction in July, with completion expected in fall 2026.  

"St. Johns County is one of the most desirable counties to live in Florida, and is renowned for its excellent schools, strong income levels and impressive home values," said Josh Purvis, managing partner for Thompson Thrift Residential. "Securing approval for new developments is becoming increasingly challenging, but our team's proven track record and commitment to excellence have allowed us to secure a prime spot in this highly desirable county."

Terrassa is part of the redevelopment of the former St. Augustine Outlets property off I-95 and will provide 324 one-, two- and three-bedroom apartment homes offering up to nearly 1,400 square feet of living space.  Residents will have convenient access to the area's pristine beaches as well as a variety of local entertainment, shopping and dining options.

Like all Thompson Thrift communities, Terrassa will feature superior, in-demand amenities that demonstrate the company's dedication to quality. Kitchens will include stainless steel appliances, a smooth glass-top range,  side-by-side refrigerator, tile backsplashes, a pantry and hardwood-style flooring.  Large walk-in closets, bathrooms with a walk-in shower, detached garages, a full-size washer and dryer and private patio, balcony or yard options add to the list of features.

Additionally, certain upgraded homes will feature accent-colored island cabinetry, premium quartz countertops, a dry bar, under-cabinet lighting and deluxe closet systems with shelving.

High-speed internet access will ensure seamless connectivity for residents while energy-efficient LED lighting and a smart thermostat will help residents save on energy costs. Smart light switches and door locks will provide convenience with an Alexa-compatible smart hub to easily control the devices.

Community amenities will include a 24-hour fully equipped fitness center, a resort-style swimming pool, courtyards, community grilling areas, a pickleball court, an on-site dog park and pet spa with a grooming station. The 24-hour social hub will feature billiards, a coffee bar, private focus rooms and work area with a printing station.

St. Augustine is the oldest city in the United States and maintains a strong Mediterranean architectural influence.  The name Terrassa comes from a city in Spain, and Thompson Thrift has taken care to incorporate Mediterranean accents in its design to further connect with the community.

Brian Timberman, president of Thompson Thrift Construction, added, "We are excited to break ground on another Thompson Thrift community, and our construction team looks forward to seeing this project through to on time completion."

St. Johns County is the wealthiest county in Florida and one of the fastest-growing counties both in Florida and the United States. The county's population grew 40% during the past decade and is expected to add 100,000 residents by 2030. The Terrassa site is located in a very high-growth pocket of the county and will offer easy access to major employers such as Bank of America/Merrill Lynch, Saddle Creek Logistics, the St. Johns County School District, Citi and Florida Blue.

Since its founding nearly 40 years ago, Thompson Thrift has invested more than $5 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive commercial and multifamily communities.

The company continues to expand its footprint with eight new residential developments targeted for 2024, including new markets in Georgia, Utah and Idaho. Equity for Terrassa, Thompson Thrift's 17^th Florida multifamily community, will be provided by Thompson Thrift 2024 Multifamily Development, LP.

About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of development, construction, leasing, and management of quality commercial real estate projects across the country. The company earned national recognition from Energage as a winner of a 2024 Top Workplaces USA award and five Culture Excellence awards, the latest accolades that reflect the company's ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com.

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift